Every end of financial year, Australians eagerly await a potential tax refund, yet billions of dollars in unclaimed expenses remain on the table. A tax app could be the key to ensuring you claim the right amount and maximise your refund.
Gone are the days of drowning in paperwork and battling confusing tax forms. With the magical powers of the tax app, managing your finances becomes a breeze. Picture this: no more late-night stress sessions, no more headache-inducing calculations, just pure, unadulterated financial joy!
“But why should I jump on the tax app bandwagon?” you ask. Well, buckle up, because we’re about to take you on a wild ride through the wonderful world of tax apps, where numbers transform into pure excitement!
What are the top tax apps in Australia?
In Australia there are many apps to choose from, with varying costs and feature lists. So how do they stack up?
Tax App #1: myDeductions (linked to myTax)
Cost – Free
The ATO myDeductions tool is a free option, but it differs from others as it doesn’t involve an accountant for maximising refunds. Users can record expenses, deductions, vehicle trips, and income for sole traders. Additionally, the app allows the upload of photos of receipts and invoices, giving users the flexibility to either self-lodge or forward the information to an accountant.
Using myDeductions in conjunction with myTax comes with a few downsides. Firstly, it’s most suitable for those with straightforward tax situations. Even then, there’s no assurance that you’ll snag the optimal tax refund tailored to your unique circumstances. If you’ve got investment income, rental properties, or capital gains, navigating myTax for the best refund isn’t a walk in the park.
Secondly, myTax leaves you high and dry when it comes to support during the lodgement process. You’re pretty much on your own if questions pop up or if you hit any roadblocks.
Another snag is that myTax relies on net amounts, putting the burden on you to calculate deductions. This demands a good grasp of current tax laws to ensure you nail it down correctly.
Tax App #2: TaxTank (Recommended)
Cost – Subscriptions start from $6 per month
TaxTank stands out as a user-friendly, cloud-based tax app suitable for any tax situation. It features smart tax tools and live bank feeds to eliminate guesswork, ensuring no deduction goes unnoticed with real-time accuracy.
One standout feature of TaxTank is its ability to display your real-time tax position every day of the year. This provides a snapshot of where you stand with the ATO, helping you avoid surprises come tax time.
The app allows you to effortlessly track your income, expenses, properties, sole trader business, shares, and cryptos—all in one organised hub. This enables you to make informed financial decisions without the hassle of juggling multiple tools.
For Property Investors
TaxTank is a game-changer for property investors, offering features tailored to maximise your rental property deductions and simplify record-keeping.
- Track rental income, expenses, and loan details for each property.
- Automate depreciation schedules to ensure every deduction is accurately captured.
- Generate compliant property schedules that break down income and expenses by ownership percentage.
- Maintain a permanent archive of receipts and documents for easy reference during tax time or an audit.
With TaxTank, property investors can avoid the stress of manual calculations and stay ahead with tools designed to optimise their tax returns.
For Shares and Crypto Traders
TaxTank provides specialised tools for investors in shares and cryptocurrencies, making it easier to track and manage these often-complex assets.
- Real-time tracking of portfolio performance.
- Automated capital gains tax (CGT) calculations, including the application of losses and eligible concessions.
- Generate detailed CGT reports to simplify lodgement and ensure compliance with ATO regulations.
Whether you’re an occasional trader or a seasoned investor, TaxTank takes the guesswork out of managing your portfolio’s tax obligations.
For Sole Traders
TaxTank simplifies tax management for sole traders, providing powerful tools to handle your business finances with ease:
- Automated income and expense allocation: Save time and ensure accuracy with automatic categorisation of your transactions.
- Invoice creation and tracking: Generate and send professional invoices directly from the platform.
- Depreciation management: Ensure all business assets are depreciated correctly for maximum deductions.
- Real-time tax insights: Know exactly how much tax you need to pay at any time, avoiding surprises at the end of the financial year.
With TaxTank, sole traders can focus on growing their business while staying on top of tax obligations effortlessly.
For Employees
TaxTank offers tailored features to help employees maximise their deductions and streamline their work-related tax claims:
- Vehicle logbook tracking: Record vehicle use and claim eligible deductions without the manual hassle.
- Australia’s first digital home office diary: Allocate work-from-home expenses with ease and switch between deduction methods to see which option provides the biggest claim.
- Simplified work-related expense management: Stay organised and claim every eligible deduction with confidence.
Whether you’re logging mileage or managing work-from-home claims, TaxTank equips employees with the tools to get the best possible return while keeping things stress-free.
Financial Management Made Easy
TaxTank doesn’t just handle taxes—it also helps you manage your personal finances. Stay on top of your budget and make better financial decisions throughout the year.
Comprehensive Reporting
TaxTank provides a comprehensive suite of reports to streamline tax management, including:
- Transactions Report: Details all allocated financial transactions.
- MyTax Report: Enables faster, more accurate self-lodgement online.
- Net Asset Report: Summarises your net assets for a clear financial picture.
- Property Schedule: Details incomes, expenses, and depreciation for each property.
- Depreciation Report: Tracks asset depreciation over time.
- Low Value Pool Report: Lists assets under $1,000 for easy tracking.
- Capital Gains Tax Report: Summarises net capital gains across all asset classes.
- Business Schedule: Provides profit and loss details for sole trader businesses.
- BAS Report: Summarises GST obligations for accurate ATO lodgements.
Always Audit-Ready
TaxTank also offers a permanent archive for all receipts and documents, ensuring you’re always prepared for an audit.
Whether you’re a property investor, shares and crypto trader, managing personal finances, or running a business, TaxTank makes tax time stress-free and effective.
Try TaxTank for free for 14 days and experience the difference!
Tax App #3: TaxApp
Cost – Free for clients
TaxApp is an accounting firm in Sydney that allows clients to manually input their income and expenses and create invoices that can be downloaded and sent. However, it doesn’t calculate your tax position automatically and only offers a basic capital gains tax calculator.
The purpose of the app is to streamline data entry, but clients still need to work directly with their accountants for accurate tax calculations and tax return submissions.
Tax App #4: TaxFox
Cost – Free for some features, subscriptions start from $8 per month
Launched in July 2020, TaxFox maximises deductions with job-specific tips, enabling users to benchmark their deductions against peers. The app accommodates logging working-from-home hours and associated expenses, along with easy receipt storage. You can add bank accounts but each subscription tiers have limits on linking bank accounts to unlimited receipts and work-from-home days.
Tax App #5: Etax
Cost – Starts from $78.49
Etax lets users snap and save receipts, contact accountants, and provides insights into common deductions based on occupation. With tax accountants overseeing the tax return process, Etax offers online tax returns starting at $78.49. Additional services tailored for low-income individuals and small businesses are also available. It is not a service to use throughout the year to stay on top of your tax, but more in line with lodging your tax return at the end of financial year.
Choosing the right Tax App for your needs
Maximising tax refunds in Australia is almost a national pastime, and the good news is that these costs are tax-deductible. For simple tax returns, the ATO’s app via MyGov may suffice.
However, if you’re aiming for more substantial deductions or have complex financial situations, investing in a specialised tax app becomes valuable. TaxTank is the best tax app and proves beneficial for intricate work-from-home arrangements, multiple deductions, income streams, and diverse investments. Try TaxTank for free for 14 days.
